<ul class="summary-list"><li><keyword id="883113" type="PERSON" weightage="60" keywordseo="Chrissy-Teigen">Chrissy Teigen</keyword> shared a story on Wednesday about accidentally spending $13,000 on a bottle of <keyword id="4894" type="ENTERTAINMENT" weightage="60" keywordseo="wine">wine</keyword>.</li><li>Two sommeliers told Insider that Teigen might not be "a wine connoisseur."</li><li>Labor, location of vineyards, and restaurant markups might be responsible for the hefty price tag.</li></ul><a href="https://www.insider.com/chrissy-teigen-craving-sweets-since-giving-up-alcohol-sober-2021-1">Chrissy Teigen</a> once accidentally paid $13,000 for a bottle of Cabernet that she thought "sucked," but two sommeliers think she just might not be a big <a href="https://www.businessinsider.com/which-wine-to-buy-during-pandemic-according-to-wine-expert-2020-5">wine connoisseur</a>. On Wednesday, Teigen, who has <a href="https://www.insider.com/chrissy-teigen-told-a-fan-she-is-four-weeks-sober-2020-12">now been sober</a> for several months, posted a tweet asking her followers, "what's the most expensive thing you've eaten that you thought sucked?" She then went on to narrate her own unfortunate experience.According to Teigen, a waiter recommended a "nice Cabernet" to Teigen and her husband, <a href="https://www.insider.com/chrissy-teigen-john-legend-relationship-timeline-2018-9">John Legend</a>. The couple was in for a surprise when they received the bill."We got the bill and it was 13,000 dollars. HOW DO U CASUALLY RECOMMEND THAT WINE," Teigen wrote.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—chrissy teigen (@chrissyteigen) <a href="https://twitter.com/mims/statuses/1357037821790285824?ref_src=twsrc%5Etfw">February 3, 2021</a></blockquote><h2>Experts told Insider it doesn't seem like Teigen is particularly wine-savvy, but the wine probably was overpriced</h2>"The way the tweet is framed, she doesn't seem like a super-savvy wine nerd," Arvid Rosengren, a <keyword id="1330044" type="PERSON" weightage="60" keywordseo="sommelier">sommelier</keyword> and founder of <a href="https://www.kingstreetsommeliers.com/">King Street Sommeliers</a>, told Insider, also noting that personal preference is key and can explain why Teigen thought the expensive wine "sucked" - it just wasn't the right wine for her palate.While not knowing the specifics of Teigen's interaction with the waiter, Rosengren said he personally wouldn't have recommended a bottle that expensive - especially to a patron who isn't already very familiar with wine."A request for 'a nice Cabernet' would tell me that the guest probably isn't all that knowledgeable and I would absolutely not try to force them onto a super-pricey bottle without being very explicit about the cost," Rosengren said."I don't think I've ever cold-recommended anything above a few thousand dollars, and even then it's only after really trying to get into the likes and expectations of the guest," he said. Read more: <a href="https://www.insider.com/chrissy-teigen-craving-sweets-since-giving-up-alcohol-sober-2021-1">Chrissy Teigen says she's become 'insane' about sweets since going sober, and dietitians told us it's a common effect of giving up alcohol</a>Annie Shapero, a sommelier and the founder of <a href="https://divino.wine/">DiVino</a>, a creative agency focused on wine, agrees. "Chrissy Teigen is many things, but she is not a wine connoisseur. Wine appreciation comes with deep curiosity," Shapero told Insider, suggesting that Teigen may not have appreciated this particular wine simply because she's not a connoisseur.However, Rosengren does think that, in most cases, "a $13,000 bottle of wine is ridiculous."<h2>The quality of the grapes and restaurant markups are probably responsible for how expensive Teigen's bottle was</h2>Factors like restaurant markups, the location where the grape was produced, and the quality of the grapes might have been responsible for the wine's cost.Teigen didn't specify what region her Cabernet came from, but according to Rosengren, "'Cabernet' to Americans is usually synonymous with Cabernet Sauvignon from California even if the grape variety is widely planted around the world."And California Cabernets are not cheap."To get a good bottle of Cabernet in a restaurant, you usually have to spend over $100, especially once we start getting into <a href="https://www.insider.com/glass-fire-napa-valley-blaze-destroys-winery-forces-evacuations-2020-9">Napa and Sonoma Valley</a>," Rosengren said.<div type="image" title="napa valley" height="1122" width="1498" msid="80698260" hostid="261"></div>But for a Cabernet closer in price to what Teigen paid, there aren't all that many. Rosengren mentions "a bottle of well-stored, authentic <a href="https://www.chateau-mouton-rothschild.com/">1945 Mouton Rothschild</a>" as one particular variety that can be worth $15,000.And while a good Cabernet at a restaurant might set you back by a few hundred dollars, an excellent one can cost several thousand - especially at a fancy restaurant, where they can get away with marking up the bottle well beyond what they originally paid for it.Napa Cabernets rank among the most expensive Cabernets and may cost "well into the thousands on store shelves and restaurant menus," according to Shapero.Rosengren guessed that the couple might have been drinking a well-known brand of wine at a high-end restaurant. "Unless Chrissy was served a bottle of 50-plus-year-old rare Bordeaux, which I somehow doubt, the restaurant probably was a fancy establishment that tried to get away with charging a high markup on a bottle [of] Screaming Eagle or something like that," he said.According to <a href="https://vinepair.com/articles/screaming-eagle-best-napa-cabernet/">VinePair</a>, Screaming Eagle (an ultra-exclusive Napa vineyard described as having "cult" status for its low production and high quality) makes two of the most expensive bottles of wine in America.Pricey wine also has a lot to do with marketing."The truth is no wine should cost $13,000, and we are right to be skeptical of a wine at that price correlating, necessarily, to the quality of the wine in the bottle," Kevin Diamond, a Brooklyn-based representative for a wine importer and distributor, told Insider. "More likely what [Teigen and Legend] are paying for in this scenario is a name, a history, and a status symbol."<h2>People criticized Teigen for her 'unrelatable' tweet</h2><a href="https://www.insider.com/chrissy-teigen-expensive-wine-fans-reactions-response-baby-miscarriage-2021-2">Insider's Libby Torres wrote</a> that Teigen became a trending topic on Wednesday after <keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> users called her "insensitive" and many others made fun of her wealth. Teigen pushed back against the critical tweets, saying "not everything I say on my twitter is going to be relatable to you." She also pointed out that the backlash was happening at the same time she announced her <a href="https://www.insider.com/chrissy-teigen-first-update-since-pregnancy-loss-2020-10">late baby Jack would have been born this week</a>.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—chrissy teigen (@chrissyteigen) <a href="https://twitter.com/mims/statuses/1357062852150915072?ref_src=twsrc%5Etfw">February 3, 2021</a></blockquote><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/which-wine-to-buy-during-pandemic-according-to-wine-expert-2020-5">I'm a Brooklyn-based wine expert. Here's the advice I give my friends on how to choose the perfect wine during quarantine.</a></li><li><a href="https://www.insider.com/chrissy-teigen-expensive-wine-fans-reactions-response-baby-miscarriage-2021-2">Chrissy Teigen pushes back on fans for criticizing her during the week her baby would have been born</a></li><li><a href="https://www.insider.com/chrissy-teigen-craving-sweets-since-giving-up-alcohol-sober-2021-1">Chrissy Teigen says she's become 'insane' about sweets since going sober, and dietitians told us it's a common effect of giving up alcohol</a></li></ul>

Chrissy Teigen once accidentally spent $13,000 on a bottle of wine that she says 'sucked,' but high-end wines really can cost thousands

<ul><li><keyword id="1150206" type="PERSON" weightage="60" keywordseo="Bill-Ackman">Bill Ackman</keyword>'s <keyword id="6767232" type="UNKNOWN" weightage="60" keywordseo="special-purpose-acquisition-company">special purpose acquisition company</keyword>, <keyword id="9575100" type="UNKNOWN" weightage="60" keywordseo="pershing-square-tontine">Pershing Square Tontine</keyword> Holdings, raised its <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> target to $4 billion from $3 billion, according to a Monday <a href="https://www.sec.gov/Archives/edgar/data/1811882/000119312520191638/d930055ds1a.htm">regulatory filing</a>.</li><li>The <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> now aims to go public with 200 million units priced at $20 each. The new target should set a fresh record for <keyword id="9575101" type="UNKNOWN" weightage="60" keywordseo="spac-ipo">SPAC IPO</keyword> proceeds.</li><li>Ackman hasn't yet revealed which company he aims to buy following the offering, but his firm has revealed interest in "high-quality, venture-backed businesses" otherwise deemed "mature unicorns."</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">Visit the Business Insider homepage for more stories</a>.</li></ul>Pershing Square Tontine Holdings, the blank-check acquisition company led by hedge fund billionaire Bill Ackman, raised its <keyword id="35216" type="ENTERTAINMENT" weightage="60" keywordseo="initial-public-offering">initial public offering</keyword> target to $4 billion from $3 billion, according to a Monday <a href="https://www.sec.gov/Archives/edgar/data/1811882/000119312520191638/d930055ds1a.htm">regulatory filing</a>.The special purpose acquisition company, or SPAC, plans to go public with 200 million units at $2o each. Ackman previously planned to sell 150 million units at the same price. If the target is met, Pershing Square will set a new record for SPAC IPOs.Such blank-check companies use funds raised from IPOs and other sources to acquire other companies. Pershing Square previously backed a $1.44 billion SPAC acquisition of Burger King in 2012. The restaurant chain returned to public <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> soon after and later merged with Tim Hortons.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-pharma-covid-19-coronavirus-vaccine-treatments-2020-7">BANK OF AMERICA: Buy these 7 pharma stocks now as they race to develop COVID-19 treatments and vaccines</a>The hedge fund manager hasn't yet revealed which company he will target, only saying in the filing that Pershing Square is interested in "high-quality, venture-backed businesses" deemed "mature unicorns." Ackman also plans to contribute between $1 billion and $3 billion to the SPAC through his fund. Ackman's SPAC arrives as the companies enjoy surging popularity. The first half of 2020 saw 39 SPAC IPOs emerge and collectively raise $12.3 billion, according to SPACInsider, a website that tracks data on the offerings. The year-to-date fundraising has nearly eclipsed the total seen in all of 2019, when 58 SPAC IPOs brought in $13.6 billion.Some of the past year's <a href="https://www.businessinsider.com/spac-biggest-blank-check-deals-ackman-chamath-palihapitiya-nikola-draftkings-2020-7#virgin-galactic-via-social-capital-hedosophia-3">most exciting acquisitions</a> involved SPACs. Sports betting platform DraftKings went public in December 2019 after completing a triple merger with Diamond Eagle Acquisition and SBTech. Electric truck maker Nikola Corp. made its trading debut in early March through a reverse SPAC merger. Virgin Galactic potentially sparked the trend, taking on a $1.5 billion valuation in July 2019 and completing its merger in October.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investors-expect-second-coronavirus-decline-ubs-survey-2020-7-1029389186">More than 80% of investors fear the market will plummet again before the COVID pandemic ends, UBS says</a><a href="https://markets.businessinsider.com/news/stocks/robinhood-adds-series-f-funding-round-billions-new-valuation-brokerage-2020-7-1029388888">Robinhood upsizes funding round to raise an additional $320 million at a $8.6 billion valuation</a><a href="https://www.businessinsider.com/investing-strategy-credit-trades-pimco-fund-manager-mohit-mittal-interview-2020-7">An award-winning PIMCO fund manager who's crushed 99% of his peers for years told us the 2 trades he's making to stay ahead — and shared his key to credit investing today</a>

Billionaire Bill Ackman lifts acquisition company's IPO target to record $4 billion

<ul><li><keyword id="1084645" type="PERSON" weightage="60" keywordseo="sports-betting">Sports betting</keyword> platform <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> stock sank as much as 12.8% on Monday after a coronavirus outbreak in the Miami Marlins baseball team delayed some Major League Baseball games.</li><li>The <keyword id="133010" type="ORGANIZATION" weightage="60" keywordseo="MLB">MLB</keyword> was the first major US sports league to resume activity when its season began on Thursday.</li><li>The league postponed a game between the Marlins and the Baltimore Orioles after <a href="https://theathletic.com/1954316/2020/07/26/why-did-the-marlins-play-baseball-on-sunday/">The Athletic</a> reported four Marlins players took part in a Sunday game after testing positive for COVID-19.</li><li>A game between the New York Yankees and the Philadelphia Phillies — the Marlins' Sunday opponent — was also postponed.</li><li><a href="https://markets.businessinsider.com/stocks/dkng-stock">Watch DraftKings trade live here</a>.</li></ul>Shares of <keyword id="416357" type="PERSON" weightage="60" keywordseo="sports-gambling">sports gambling</keyword> platform <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> tanked as much as 12.8% on Monday after a new coronavirus outbreak led Major League Baseball to postpone two games.The 2020 MLB season is among the few sports calendars relatively intact amid the coronavirus pandemic. Games began on Thursday after delays related to testing and implementing strict safety measures for players and staff.Yet the season could end just days after beginning after the Miami Marlins played a game on Sunday despite four players testing positive for COVID-19, according to The Athletic. The league has since canceled the Marlin's Monday game against the Baltimore Orioles. Monday's game between the New York Yankees and Philadelphia Phillies, who played the Marlins on Sunday, was also postponed."The members of the Marlins' traveling party are self-quarantining in place while awaiting the outcomes of those results," MLB said in a statement.Read more: <a href="https://www.businessinsider.com/storage-units-real-estate-investing-strategy-demand-oriented-ryan-gibson-2020-7">Millions in profits and 5429 units: Here's why Ryan Gibson is going all-in on storage unit investing after years of flipping homes — and the strategy he's using to capture the booming trend</a>The delays pose a serious risk for <keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword> and its hopes for a sports-betting resurgence. The firm went public in late April through a $3.3 billion merger with special-purpose acquisition firm Diamond Eagle, well before any major US sports leagues resumed activity. Yet shares more than doubled in the months following as investors bet on economic reopenings and containment of the virus to revive sports and related betting businesses."While our business in the short term is partially dependent on the sports calendar, we have always said we are playing the long game and will continue our focus on driving a technology first approach to product innovation in order to keep sports fans engaged," a DraftKings spokesperson told Business Insider.Even if major sports are delayed further, the company has shown it can pivot to other betting ventures. Entries on the company's fantasy esports contests <a href="https://www.businessinsider.com/esports-betting-fantasy-draftkings-fanduel-analysis-sportsbook-gambling-challenges-2020-4?utm_source=markets&amp;utm_medium=ingestgest">skyrocketed 50-fold in March</a> as customers started to brace for months without sports. DraftKings also allowed users to bet on virtual matches taking place in popular games including Madden NFL. DraftKings traded at $34.74 per share as of 12:40 p.m. ET Monday.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/tech-stock-price-market-rally-not-dot-com-bubble-strategist-2020-7-1029434662">Tech stock rally is far from repeating the 1990s dot-com bubble, SunTrust says</a><a href="https://markets.businessinsider.com/news/stocks/gold-price-record-inflation-fears-safe-haven-demand-recession-analyst-2020-7-1029434179">Gold prices can soar to a record $2,000 on inflation fears and safe-haven demand, analyst says</a><a href="https://markets.businessinsider.com/news/stocks/tech-stock-price-market-rally-not-dot-com-bubble-strategist-2020-7-1029434662"></a><a href="https://www.businessinsider.com/warren-buffett-800-million-bank-america-likely-winner-bill-brewster-2020-7">Warren Buffett's $800 million bet on Bank of America is almost a guaranteed winner, Berkshire Hathaway investor Bill Brewster says</a>

Sports betting platform DraftKings plunges 13% after COVID outbreak halts MLB games

<ul class="summary-list"><li><keyword id="248848" type="PERSON" weightage="60" keywordseo="Drake">Drake</keyword> first revealed to The Hollywood Reporter in 2017 that he had been collecting Hermès <keyword id="757220" type="PERSON" weightage="60" keywordseo="Birkin-bags">Birkin bags</keyword> for years as a gift to his future wife. </li><li>The rapper gave a sneak peek at his collection for the May cover and spread of <keyword id="1092584" type="COMPANY" weightage="60" keywordseo="Architectural-Digest">Architectural Digest</keyword>. </li><li>Drake has the Birkin bags on display inside his massive, two-story closet. </li><li><a href="https://www.insider.com/?hprecirc-bullet">Visit Insider's homepage for more stories</a>.</li></ul>In 2017, Drake revealed in an interview with <a href="https://www.hollywoodreporter.com/features/drakes-hotline-hollywood-inside-an-ambitious-push-film-tv-1055765">The Hollywood Reporter</a> that he had been collecting Hermès Birkin bags for years as a gift for the woman he ends up with. Fast forward three years, the rapper has finally given fans a sneak peek at his luxurious collection for the May cover story of <a href="https://www.architecturaldigest.com/story/inside-rapper-drakes-hometown-manor-in-toronto">Architectural Digest</a>. <blockquote class="instagram-media" data-instgrm-captioned="" style="background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px); data.width~540;"><div style="padding:8px;"><div style="background:#F8F8F8; line-height:0; margin-top:40px; padding:62.4537037037% 0; text-align:center; width:100%;"><div style="background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAABGdBTUEAALGPC/xhBQAAAAFzUkdCAK7OHOkAAAAMUExURczMzPf399fX1+bm5mzY9AMAAADiSURBVDjLvZXbEsMgCES5/P8/t9FuRVCRmU73JWlzosgSIIZURCjo/ad+EQJJB4Hv8BFt+IDpQoCx1wjOSBFhh2XssxEIYn3ulI/6MNReE07UIWJEv8UEOWDS88LY97kqyTliJKKtuYBbruAyVh5wOHiXmpi5we58Ek028czwyuQdLKPG1Bkb4NnM+VeAnfHqn1k4+GPT6uGQcvu2h2OVuIf/gWUFyy8OWEpdyZSa3aVCqpVoVvzZZ2VTnn2wU8qzVjDDetO90GSy9mVLqtgYSy231MxrY6I2gGqjrTY0L8fxCxfCBbhWrsYYAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div><a href="https://www.instagram.com/p/B-uBnZ6prjQ" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">Mega recording artist Drake (@champagnepapi) returned to his hometown of Toronto to once again plant roots there, building a 50,000-square-foot ultra-luxe pleasure dome. The stately manor, as envisioned by Canadian designer @ferrisrafauli, is a marvel of old-world craftsmanship, constructed of limestone, bronze, exotic woods, and other noble materials. “Because I was building it in my hometown, I wanted the structure to stand firm for 100 years. I wanted it to have a monumental scale and feel,” Drake says of his passion project. “It will be one of the things I leave behind, so it had to be timeless and strong,” he adds. Take a look inside our May issue cover story through the link in our profile. Photo by @jasonschmidtstudio; text by @mayer.rus; styled by @colinking; fashion styling by @mellanysanchez</a> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by Architectural Digest (@archdigest) on Apr 8, 2020 at 5:01am PDT<time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2020-04-08T12:01:52+00:00">Apr 8, 2020 at 5:01am PDT</time></div></blockquote><a href="https://jasonschmidtstudio.com/">Jason Schmidt</a> photographed <a href="https://www.insider.com/drake-house-toronto-mansion-tour-architectural-digest-2020-4">the rapper's massive Toronto mansion</a>, which he calls "The Embassy." The story also includes a photo of Drake's gigantic closet, where he has the Birkin bags on display. According to <a href="https://www.architecturaldigest.com/story/inside-rapper-drakes-hometown-manor-in-toronto" target="_blank" rel="nofollow noopener nofollow sponsored">Architectural Digest</a>, the two-story closet is "adorned with amethyst hardware, rock crystal, and seating upholstered in diamond-tufted shearling with polished nickel studs." In a photo shared on Instagram by Architectural Digest editor-in-chief Amy Astley, fans can see three of the coveted Birkin bags on display on top of a mirrored table.<blockquote class="instagram-media" data-instgrm-captioned="" style="background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px); data.width~540;"><div style="padding:8px;"><div style="background:#F8F8F8; line-height:0; margin-top:40px; padding:62.4537037037% 0; text-align:center; width:100%;"><div style="background:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACwAAAAsCAMAAAApWqozAAAABGdBTUEAALGPC/xhBQAAAAFzUkdCAK7OHOkAAAAMUExURczMzPf399fX1+bm5mzY9AMAAADiSURBVDjLvZXbEsMgCES5/P8/t9FuRVCRmU73JWlzosgSIIZURCjo/ad+EQJJB4Hv8BFt+IDpQoCx1wjOSBFhh2XssxEIYn3ulI/6MNReE07UIWJEv8UEOWDS88LY97kqyTliJKKtuYBbruAyVh5wOHiXmpi5we58Ek028czwyuQdLKPG1Bkb4NnM+VeAnfHqn1k4+GPT6uGQcvu2h2OVuIf/gWUFyy8OWEpdyZSa3aVCqpVoVvzZZ2VTnn2wU8qzVjDDetO90GSy9mVLqtgYSy231MxrY6I2gGqjrTY0L8fxCxfCBbhWrsYYAAAAAElFTkSuQmCC); display:block; height:44px; margin:0 auto -44px; position:relative; top:-22px; width:44px;"></div></div><a href="https://www.instagram.com/p/B-uFO38DH-u" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">Just hold on, we’re going home.....to Drake’s place. The megastar built his pleasure dome from the ground up in his hometown of Toronto, and it is fully loaded. Indoor NBA-size basketball court? Check. Awards room? Of course. Recording studio, custom grand piano designed in collaboration with artist Takashi Murakami, hall of sports hero’s jerseys? Check, check, check. @champagnepapi worked on this stately manor, dubbed “The Embassy,” with Canadian architectural and interior designer Ferris Rafauli (with @ferrisrafauli in the lounge, last image) for six years, starting when the musician was only 27 years old. “Because I was building it in my hometown, I wanted the structure to stand firm for 100 years. I wanted it to have a monumental scale and feel. It will be one of the things I leave behind, so it had to be timeless and strong.” See it all in May AD, online now, and via link in bio. @jasonschmidtstudio text @mayer.rus styling @colinking fashion styling @mellanysanchez cover look @tomford &amp; @nike</a> <p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by Amy Astley (@amyastley) on Apr 8, 2020 at 5:33am PDT<time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2020-04-08T12:33:28+00:00">Apr 8, 2020 at 5:33am PDT</time></div></blockquote>Eagle-eyed Twitter users noticed that one of the Birkin bags on display is actually considered one of the rarest handbags in the world. <blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—jasmineeeee (@sadeaubs) <a href="https://twitter.com/mims/statuses/1247917639399325702?ref_src=twsrc%5Etfw">April 8, 2020</a></blockquote>The white and brown crocodile bag is actually the Hermès Himalaya Birkin, which has been valued by Christie's at between <a href="https://www.christies.com/features/Deconstructed-The-Hermes-Himalaya-9532-3.aspx">$100,000 and $400,000</a>. An expert from The RealReal explained to <a href="https://www.businessinsider.com/hermes-birkin-bag-realreal-handbag-expert-so-expensive-2019-6">Business Insider</a> that part of the reason why the white Himalaya Birkin bag is so expensive is that it features 18-karat white-gold hardware, as well as more than 200 diamonds. If you look closely at the photos of Drake's closet, you'll also see shelves full of other Birkin bags in colors like red, orange, gray, and more."It's overwhelming high luxury," Drake told Architectural Digest of his palatial home. "That message is delivered through the size of the rooms and the materials and details of the floors and the ceilings." <ul class="read-more-links"><li>Read more:</li><li><a href="https://www.insider.com/drake-house-toronto-mansion-tour-architectural-digest-2020-4">Drake gave a tour of his Toronto mansion and reactions have ranged from 'disgustingly gaudy' to 'speechless'</a></li><li><a href="https://www.businessinsider.com/hermes-birkin-bag-realreal-handbag-expert-so-expensive-2019-6">A handbag expert explains why Hermès Birkin bags are so expensive</a></li><li><a href="https://www.insider.com/jeffree-star-missing-birkin-bag-returned-2019-7">Jeffree Star says his $60,000 Birkin bag was returned after being lost by an airline, but he's only 'semi-happy' because his makeup is still missing</a></li><li><a href="https://www.insider.com/kris-and-kylie-jenner-show-off-matching-designer-purses-2019-10">Kris and Kylie Jenner carried matching Birkin bags estimated to be worth hundreds of thousands of dollars to talk business on a private jet</a></li></ul>Read the original article on <a href="https://www.insider.com/drake-birkin-collection-architectural-digest-cover-2020-4">Insider</a>

Drake's Toronto mansion tour includes a look at the Birkin bags he's been collecting over the years for his future wife

<ul class="summary-list"><li><keyword id="1798792" type="ORGANIZATION" weightage="60" keywordseo="GNC">GNC</keyword> filed for Chapter 11 <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword> protection and announced it would close hundreds of stores.</li><li>It identified the first 248 stores that would close. </li><li>Here is the list, arranged alphabetically by state.</li></ul>GNC <a href="https://www.businessinsider.com/gnc-files-for-bankruptcy-and-plans-to-close-stores-2020-6">filed for Chapter 11 bankruptcy protection</a> on Tuesday night, announcing that it expects to close between 800 and 1,200 stores while on the hunt for a buyer for its business. The vitamins and supplements retailer had about 7,300 stores as of the end of March. In a <a href="https://www.gncevolution.com/customers/">letter to shoppers</a>, GNC said the COVID-19 pandemic "created a situation where we were unable to accomplish our refinancing and the abrupt change in the operating environment had a dramatic negative impact on our business."GNC <a href="https://www.gncevolution.com/store-locations/">identified</a> 248 stores that would close imminently as part of the restructuring process. Stores are closing in 42 states, as well as in Puerto Rico and Canada.<h2>Here are the first of the locations GNC plans to close, arranged alphabetically by state: </h2>Alabama:Quintard Mall, 700 Quintard Drive, Oxford, ALArizona:Flagstaff Mall, 4650 E 2 N Hwy 89, Flagstaff, AZArrowhead Town Center, 7700 West Arrowhead Towne, Glendale, AZMadera Village, 9121 E. Tanque Verde Rd, Suite 115, Tucson, AZArkansas:Benton Commons, 1402 Military Road, Benton, ARNorthwest Arkansas Plaza, 4201 North Shiloh Dr, Fayetteville, ARThe Mall at Turtle Creek, 3000 East Highland Ave, Space # 309, Jonesboro, ARPark Plaza, 6000 W. Markham, Little Rock, ARNorth Park Village Shopping Center, 103 North Park Dr, Monticello, ARMcCain Mall Shopping Center, 3929 McCain Blvd, North Little Rock, ARCalifornia:Brawley Gateway, Brawley, CARancho Marketplace Shopping Center, Burbank, CALa Costa Town Square, 7615 Via Campanile Suite, Carlsbad, CACentrepointe Plaza, 1100 Mount Vernon Ave, Suite B, Colton, CAMountain Gate Plaza, 160 W. Foothill Parkway, #106, Corona, CATown Place, 787 1st Street, Gilroy, CAVictoria Gardens, 12379 S Main St., Rancho Cucamonga, CAMonterey Marketplace, Rancho Mirage, CARed Bluff Shopping Center, 925 South Main Street, Red Bluff, CATierrasanta Town Center, San Diego, CAGrayhawk Plaza, 20701 N. Scotsdale Rd, Suite 105, Scottsdale, AZBuena Park Mall, 8312 On The Mall, Buena Park, CAEast Bay Bridge Center, 3839 East Emery Street, Emeryville, CAVintage Faire Mall, 3401 Dale Road, Modesto, CAHuntington Oaks Shopping Center, 514 W. Huntington Drive, Box 1106, Monrovia, CADel Monte Shopping Center, 350 Del Monte S.C., Monterey, CAAntelope Valley Mall, 1233 Rancho Vista Blvd, Palmdale, CATown &amp; Country Village, 855 El Camino Real, Palo Alto, CARancho Bernardo Town Center, Rancho Bernardo, CARocklin Commons, 5194 Commons Drive 107, Rocklin, CAWestfield Shoppingtown Mainplace, 2800 North Main Street, Suite 302, Santa Ana, CAGateway Plaza Shopping Center, 580b River St, Suite B, Santa Cruz, CASanta Rosa Plaza, 600 Santa Rosa Plaza, Suite 2032, Santa Rosa, CAThe Promenade Mall, 40820 Winchester Road, Temecula, CAWest Valley Mall, 3200 N. Naglee Rd., Suite 240, Tracy, CAUnion Square Marketplace, Union City, CARiverpoint Marketplace, West Sacramento, CAYucaipa Valley Center, 33676 Yucaipa Blvd, Yucaipa, CAColorado:Chapel Hills Mall, 1710 Briargate Blvd at Jamboree Drive, Colorado Springs, COThe Citadel, 750 Citadel Drive East, Space 1036, Colorado Springs, CORiver Landing, 3480 Wolverine Dr, Montrose, COMonument Marketplace, 15954 Jackson Creek Pkwy, Monument, COCentral Park Plaza, 1809 Central Park Dr., Steamboat Springs, COLarkridge Shopping Center, 16560 N. Washington St, Thornton, COWoodland Park Plaza, 1115 E US Hwy 24, Woodland Park, COConnecticut:The Plaza At Burr Corners, 1131 Tolland Pike, Manchester, CTDelaware:Dover Mall, 1365 N. Dupont Highway, Dover, DEGateway West Shopping Center, 1030 Forest Ave, Dover, DERockford Shops, 1404 North Dupont St, Wilmington, DEFlorida:Boynton Beach Mall, 801 N Congress St, Suite 763, Boynton Beach, FLClearwater Plaza, 1283 S. Missouri Ave, Clearwater, FLCoral Square, 9295 West Atlantic Blvd, Coral Springs, FLDupont Lakes Shopping Center, 2783 Elkcam Blvd, Deltona, FLThe Shops @ Mission Lakes, 5516 South State Rd 7, Space # 128, Lake Worth, FLWickham Corners Shopping, 1070 North Wickham Road, Unit 106, Melbourne, FLShoppes Of River Landing, Miami, FLCoastland Mall, 2034 Tamiam Trail North, Naples, FLOrlando Fashion Square, 3451 E Colonial Drive, Orlando, FLOviedo Marketplace, 1385 Oviedo Marketplace B, Oviedo, FLGulf View Square Mall, 9409 Us 19 North, Port Richey, FLUniversity Mall, 12232 University Square C, Tampa, FLGeorgia:The Mall @ Stonecrest, 8000 Mall Parkway, Lithonia, GAWalnut Creek Plaza, 1475 Gray Highway, Macon, GAHorizon Village, 2855 Lawrenceville Suwanee, Suite 740, Suwanee, GAMerchant's Square, 414 South Main Street, Swainsboro, GAIdaho:Karcher Mall, 1509 Caldwell Blvd. Suite 1206, Nampa, IDIllinois:Bannockburn Green, 2569 Waukegan Rd, Bannockburn, ILUniversity Mall, 1225 University Mall, Carbondale, IL244 State Street, Chicago, ILStony Island Plaza, 1623 E 95th St, Chicago, ILCountry Club Plaza, 4285 W 167th St, Country Club, ILSouth Shoppes, 2725 IL Route 26 S, Freeport, ILLincolnwood Town Ctr, 3333 West Touhy Av, Lincolnwood, ILCross County Mall, 700 Broadway East, Mattoon, ILMcHenry Plaza, 1774 N. Richmond Road, McHenry, ILOrland Square Mall, 852 Orland Square, Orland Park, ILPeru Mall, 3940 Rt 251, Space #E-9, Peru, ILNorthland Mall, 2900 E Lincolnway, Sterling, ILEden's Plaza, 3232 Lake Avenue, Wilmette, ILIndiana:Putnam Plaza, 35 Putnam Place, Greencastle, INNora Plaza, 1300 East 86th Street, Indianapolis, INFairview Center, 556 Fairview Center, Kendallville, INSouth Point Plaza, 3189 State Rd 3 S, New Castle, INIowa:Asbury Plaza, 2565 Northwest Arterial, Dubuque, IAOld Capitol Center, 201 Clinton Street, Iowa City, IACrossroads Center, 2060 Crossroads Blvd, Waterloo, IAKansas:Walmart Center, 2504 South Santa Fe Dr, Chanute, KSE 17th Ave <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">Retail</keyword>, Hutchinson, KSHy Vee Shops, 4000 W 6th Street, Lawrence, KSTown Center Plaza, 4837 West 117th Street, Leawood, KSWest Ridge Mall, 1801 Wanamaker Rd., Topeka, KSKentucky:Florence Mall, 2122 Florence Mall Space #2124, Florence, KYLouisiana:Piere Bossier Mall #520, 2950 East Texas Ave., Bossier City, LABroussard Village Shopping Center, 1212 D Albertson Pkwy, Broussard, LAPrien Lake Mall, 484 West Prien Road, Space G-17b, Lake Charles, LAMaine:Bangor Mall, 663 Stillwater Avenue, Bangor, MEMaryland:Brandywine Crossing, 15902 E Crain Hwy, Brandywine, MDWashington Center, 20 Grand Corner Avenue, Suite D, Gaithersburg, MDSt. Charles Towne Ctr, 1110 Mall Circle, Suite 6194, Waldorf, MDMassachusetts:Auburn Mall, 385 Southbridge St, Auburn, MALiberty Tree Mall, 100 Independence Way, Danvers, MAWalpole Mall, 90 Providence Hwy, East Walpole, MARiverside Landing, New Bedford, MAEmerald Square Mall, 999 South Washington Street, Box 111, North Attleboro, MAEastfield Mall, Boston Rd, Unit B11, Springfield, MAMichigan:Briarwood Mall, 850 Briarwood Circle, Ann Arbor, MICaro Shopping Center, 1530 West Caro Road, Caro, MIThe Marketplace Shoppes, Greenville, MILivonia Plaza, 30983 Five Mile Road, Livonia, MIThe Village Of Rochester Hills, 136 N Adams Road, Space #B136, Rochester Hills, MIForum @ Gateways, 44625 Mound Road, Mound &amp; M-59, Sterling Heights, MIMinnesota:Andover Marketplace, Andover, MNBurnsville Center, 1030 Burnsville Center, Burnsville, MNSouthdale Center, 2525 Southdale Center, Edina, MNFive Lakes Center, 334 South State St, Fairmont, MNMidway Shopping Center, 1470 University Ave W, St. Paul, MNKandi Mall, 1605 1st St S, Willmar, MNMississippi:Northpark Mall, 1200 East County Line Road, Space 159, Ridgeland, MSMissouri:West Park Mall, 3049 Route K, Cape Girardeau, MOChesterfield Commons, 204 THF Blvd, Chesterfield, MOBattlefield Mall, Space #337, 2825 South Glenstone, Springfield, MONebraska:One Osborne Place, Hastings, NENevada:The Summit Sierra, 13987 South Virginia Street, Space 700, Reno, NVNew Hampshire:Walmart Plaza, 1458 Lakeshore Rd, Gilford, NHNew Jersey:Diamond Springs, 41 Diamond Spring Rd., Denville, NJThe Shoppes At Union Hill, 3056 State Route 10, Denville, NJAmerican Dream, 1 American Dream Way, East Rutherford, NJMenlo Park Shopping Center, 29 Menlo Park, Edison, NJ302 Washington St, Hoboken, NJThe Wall Towne Center, 2437 Route 34, Manasquan, NJTown Brooks Commons, 840 ROUTE 35 S, Middletown, NJMall @ Short Hills, Rt 24 &amp; J.f. Kennedy Pkw, Short Hills, NJTri-City Plaza, Toms River, NJWillingboro Plaza, 4364 Route 130 North, Willingboro, NJNew Mexico:Cottonwood Mall, 10000 Coors Bypass Nw, Space #d205, Albuquerque, NMNew York:Deer Park Commons, 506 Commack Road, Deer Park, NYGenesee Valley Shopping Center, 4290 Lakeville Rd, Geneseo, NYNorthgate Plaza, 3848 Dewey Ave, Greece, NYJohnstown Mall, 236 North Comrie Ave, Johnstown, NYChautauqua Mall, 318 East Fairmont, Lakewood, NY360 Eighth Ave, New York, NY100 Elizabeth Street, New York, NY163 E 125th St, New York, NYStaten Island Mall, 2655 Richmond Avenue, Staten Island, NYGreen Acres Mall, 1134 Green Acres Mall, Valley Stream, NYEastview Mall, 7979 Victor-Pittsford Road, Victor, NYNorth Carolina:The Arboretum Shopping Center, 3339 Pineville Matthews, Suite 200, Charlotte, NCBlakeney Shop Center, Charlotte, NCSouthpark Mall, 4400 Sharon Rd, Charlotte, NCFour Seasons Town Center, 346 Four Seasons Mall, Greensboro, NCCross Pointe Center, 1250-l Western Blvd, Jacksonville, NCOhio:Dayton Mall, 2700 Miamisburg Centerville Rd, Dayton, OHOhio River Plaza, 13 Ohio River Plaza, Township Road &amp; 11 &amp; Sr 7, Gallipolis, OHIndian Mound Mall, 771 S 30th St, Heath, OHThe Shoppes Of Mason, 5220 Kings Mills Road, Mason, OHHeritage Crossing, 3113 Heritage Green, Monroe, OHThe Town Center At Levis, 4135 Levis Commons Blvd, Perrysburg, OHMiami Valley Centre, 987 E. Ash Street, Piqua, OHSandusky Mall, 4314 Milan Road, Sandusky, OHSouthpark Mall, 500 Southpark Center, Strongsville, OHCrocker Park, 137 Market Street, West Lake, OHMeadow Park Plaza, 1659 Rombach Ave, Wilmington, OHOklahoma:Neilson Square, 3322 W Owwn K Garriott Road, Enid, OKOregon:Cascade Station, 10207 NE Cascades Pkwy, Portland, ORSeaside Factory Outlet, 1111 North Roosevelt, Seaside, ORPennsylvania:South Mall, 3300 Lehigh Street, Allentown, PALogan Valley Mall, 300 Logan Valley Mall, Bk 4, Altoona, PAClearview Mall, Route 8, Butler, PAClearfield Mall, 1800 Daisy Street, Clearfield, PANeshaminy Mall, 707 Neshaminy Mall, Cornwell Heights, PACranberry Mall, 20111 Route 19. &amp; Freedom, Cranberry, PAOxford Valley Mall, 2300 E Lincoln Highway, Langhorne, PAHyde Park Plaza, 451 Hyde Park Road, Leechburg, PAMonroeville Mall, Monroeville, PAShoppes At Montage, 2105 Shoppes Blvd, Moosic, PAEdgmont Square Shopping Center, Newtown Square, PAPine Creek Center, 195 Blazier Drive, Unit 6, Pittsburgh, PASpringfield Mall, 1200 Baltimore Pike, Springfield, PALehigh Valley Mall, 215 Lehigh Valley Mall, Whitehall, PA3097 Willow Grove Mall, 2500 Moreland Road, Willow Grove, PAWynnewood Shopping Center, 50 East Wynnewood Road, Wynnewood, PAYork Galleria, 2899 Whiteford Rd, York, PARhode Island:Hunt River Commons, 72 Frenchtown Road, North Kingston, RIDiamond Hill Plaza, 1790 Diamond Hill Road, Woonsocket, RISouth Carolina:Anderson Mall, 3139 N Main, Anderson, SCHaywood Mall, 700 Haywood Road, Greenville, SCNorth Hills Shopping Center, 2435 E North Street, Suite 1115, Greenville, SCMyrtle Beach Mall, Myrtle Beach, SCShoppes At Stonecrest, 1149 Stonecrest Blvd, Tega Cay, SCTennessee:University Commons, 2459 University Commons W, B160, Knoxville, TNThree Star Shopping Center, 1410 Sparta Road, McMinnville, TNSouthland Mall, 1215 East Shelby Drive, Memphis, TNWolfchase Galleria, Memphis, TNTexas:Alamo Corners, 1451 Durenta Avenue, Suite 3, Alamo, TXBarton Creek Square, 2901 Capital Of Texas Hwy, Austin, TXSunland Park Mall, 750 Sunland Park Drive, Space J4, El Paso, TXNorth East Mall, 1101 Melbourn Road, Suite #3090, Hurst, TXSheppard Square, 2055 Westheimer, Suite 160, Houston, TXIngram Park Mall, 6301 Northwest Loop 410, San Antonio, TXRivercenter Mall, 849 East Commerce Street, San Antonio, TXVirginia:Charlottesville Fashion Square, 1588 Fashion Square Mall, Charlottesville, VAFranklin Commons, 144 Council Drive, Franklin, VADulles 28, 22000 Dulles Retail Plaza, Ste 154, Sterling, VAMaple Avenue Shopping Ctr, 335 Maple Avenue East, Vienna, VAWashington:Everett Mall, 1402 SE Everett Mall, Suite #225, Everett, WAVillage At Redmond Ridge, Redmond, WAThe Joule, 509 Broadway, Seattle, WAJefferson Square, 4722 West 42nd Ave SW, Seattle, WASpokane Valley Mall, 14700 E Indiana Avenue, Spokane Valley, WAGreen Firs Shopping Center, University Place, WAVancouver Plaza, 7809 Vancouver Plaza #160, Vancouver, WAWisconsin:Bay Park Square, 311-a Bay Park Square, Green Bay, WIEast Town Mall, 2350 East Mason Street, Green Bay, WIJanesville Mall, 2500 Milton Ave, Space 117, Janesville, WIThe Shops Of Grand Avenue, Milwaukee, WIWest Virginia:Greenbrier Valley Mall, 75 Seneca Trail &amp; US Route 219, Fairlea, WVPuerto Rico:Plaza Guayama, Guayama, PRCondominio Reina De Casti, 100 Paseo Gilberto, San Juan, PRCentro Gran Caribe, Carretera #2 Km 29.7, Vega Alta, PRCanada:Marlborough Mall, Calgary, AB, CanadaShawnessy Town Centre, Calgary, AB, CanadaBonnie Doon Shopping Centre, Edmonton, AB, CanadaBower Place, Red Deer, AB, CanadaSevenoaks Shopping Centre, 32900 South Fraser Way, Abbotsford, BC, CanadaBrentwood Towne Centre, Burnaby, BC, CanadaEagle Landing Sc, 706-8249 Eagle Landing Pk, Chilliwack, BC, CanadaDawson Mall, 11000 8th Street, Dawson Creek, BC, CanadaWillowbrook Shopping Center, Langley, BC, CanadaQueensborough Landing, New Westminster, BC, CanadaMayfair Shopping Centre, Victoria, BC, CanadaBrandon Shoppers, 1570-18th St Unit 87, Brandon, MB, CanadaSmartcentres Corner Brook, Corner Brook, NL, CanadaGeorgian Mall, 509 Bayfield Street, Barrie, ON, CanadaLynden Park Mall, 84 Lynden Road, Brantford, ON, CanadaCataraqui Town Center, 945 Gardiners Rd, Kingston, ON, CanadaWilliamsburg Town Centre, Kitchener, ON, CanadaMasonville Place, London, ON, CanadaMarkham Town Centre, 8601 Warden Ave, Markham, ON, CanadaCreekside Crossing, 1560 Dundas St E, Mississauga, ON, CanadaErin Mills Town Centre, Mississauga, ON, CanadaWestside Market Village, 520 Riddell Road, Orangeville, ON, CanadaMarkham Steeles Shopping Centre, 5981 Steeles Avenue East, Scarborough, ON, CanadaMorningside Crossing, Scarborough, ON, CanadaNew Sudbury Centre, 1349 Lasalle Blvd, Sudbury, ON, CanadaSt Claire &amp; Runnymede Rd, 2555 St Clair Ave West, Toronto, ON, CanadaColussus Centre, 31 Colussus Dr, Vaughan, ON, CanadaLaurier Quebec, 2700 Laurier Boulevard, Quebec, PQ, CanadaGaleries Rive Nord, 100 Boulevare Brien, Repentigny, PQ, Canada

GNC is closing 248 stores after filing for bankruptcy. Here's the full list.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56573641dd08953e4d8b4598-3111-2333/gettyimages-143464176.jpg" alt="Protesters dressed as suited eagles on Barclays cycle hire bikes demonstrate outside the Royal Festival Hall which is hosting the Barclays bank AGM on April 27, 2012 in London, England. It has been reported that Barclays are likely to apologise to angry share holders over multi-million bonus pay deals for senior management. Protesters also demonstrated outside the annual general meeting of Barclays to complain against their financial speculation on world food prices and to demand a financial transaction tax. (Photo by )" data-mce-source="Oli Scarff/Getty Images" data-mce-caption="Protesters dressed as suited eagles on Barclays cycle hire bikes demonstrate outside the Royal Festival Hall which is hosting the Barclays bank AGM on April 27, 2012 in London, England." />Oli Scarff/Getty ImagesProtesters dressed as suited eagles on Barclays cycle hire bikes demonstrate outside the Royal Festival Hall which is hosting the Barclays bank AGM on April 27, 2012 in London, England.</div></div></div>Barclays on Thursday got hit with <a href="http://uk.businessinsider.com/fca-fines-barclays-72-million-for-anti-money-laundering-failings-2015-11">a £72 million ($109 million) fine from Britain's banking watchdog, the Financial Conduct Authority (FCA), for failing to make sure a huge deal back in 2011 wasn't being used to fund criminal activity</a> or terrorism.Alongside the fine, <a href="http://www.fca.org.uk/static/documents/final-notices/barclays-bank-nov-2015.pdf">the FCA released a damning document setting out just what the case involved</a>.The case, dating from the Bob Diamond era, involved creating a complex, £1.88 billion ($2.84 billion) fund structure that would pay out regularly to a group of politically connected individuals over many decades. Those involved went to extraordinary lengths to hide their identities.We don't know the names of any of the clients involved, as the FCA has not published them. Only a handful of senior Barclays figures ever knew their identities, or that the deal even existed.Little detail is given on the deal itself too, but the FCA says it involved "investments in notes backed by underlying warrants and third party bonds. A number of companies were used to make the investments and the proceeds of the investments were held in a Trust of which the Clients were beneficiaries." It's not clear how much the clients stood to earn from the structure.Barclays comes off terribly in the FCA's report, with senior management painted as willfully blind at times to the risks involved in a deal that one manager called the possible "deal of the century." At other points, Barclays handling of the deal simply seems inept.Barclays <a href="http://www.newsroom.barclays.co.uk/r/3272/barclays_announces_settlement_with_the_fca">said in a statement today</a>: "The FCA made no finding that Barclays facilitated any financial crime in relation to the transaction or the clients on whose behalf it was executed."Barclays has cooperated fully with the FCA throughout and continues to apply significant resources and training to ensure compliance with all legal and regulatory requirements."From the outset, the politically connected persons involved in the deal were identified as particularly at risk of "exposure to bribery or corruption." But rather than put extra security measures in place, the bank radically relaxed its due diligence measures, motivated by the huge fee that they felt would be at risk if they pushed too hard.The FCA makes no allegations against the clients involved and there is no suggestion of any wrongdoing on their part. But the report paints a worrying picture of a bank whose security measures could easily be bypassed by would-be criminals or terrorist financiers, provided a big enough fee is at stake.<h2>The super-elephant that 'could open the door'</h2>The deal in question began in 2011 when Barclays was approached by the unnamed clients about arranging a complex structure of funds that would guarantee a certain income to those involved over several decades.Deals above £20 million ($30.2 million) are referred to as "elephants" within Barclays - making this one a super-elephant. The deal was eventually worth £1.88 billion ($2.84 billion) but at one point was going to be even bigger. When it was eventually executed in 2012, it was the single largest deal Barclays had ever carried out on behalf of individuals, as opposed to companies.An unnamed senior manager said it could be "the deal of the century", according to the FCA report, and the watchdog says: "It was also recognised by some within Barclays that the Transaction could open the door to similar significant business opportunities for Barclays."<div class="KonaFilter image-container display-table center"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56573641dd08953e4d8b4599-2025-1519/rtxxr1m.jpg" alt="A herd of elephants walk in the Tsavo East National Park, 280 km (173 miles) east of Kenya's capital Nairobi February 10, 2011. A census of elephants in the Tsavo-Mkomazi conservation area is ongoing as drought and poaching are putting pressure on the large animals, it remains to be seen whether the population is expanding or contracting. Picture taken February 10, 2011" data-mce-source="REUTERS/Noor Khamis" data-mce-caption="Barclays called any deal above £20 million an elephant deal. This was a super elephant." />REUTERS/Noor KhamisBarclays called any deal above £20 million an "elephant".</div></div></div>But the deal came with plenty of strings. The clients didn't want their names to be made public under any circumstances and Barclays agreed to sign "an unprecedented" confidentiality agreement that bound it to pay the clients £37.7 million ($57 million) if their names got out.Management agreed that only "a very limited number of people within Barclays and its advisers" should ever know who the clients were and kept all details of the transaction off its computer systems. Everything was on paper, stored in a special safe bought just for the deal.A small team including senior managers were tasked with overseeing the transactions and anti-money laundering checks were to be carried out by this group, rather than through the bank's traditional channels.<h2>The risks: bribery, corruption, terrorism</h2>With any form of financial deal, banks have a legal obligation to make sure they aren't laundering money and to make sure their customers are who they say they are. They must also make sure the cash has been legally obtained and isn't being used to fund any criminal activity, such as terrorism.The nature of the "deal of the century" meant that, from the start, the stakes were much higher than normal and Barclays needed to tread extra carefully. The small group charged with overseeing the deal had to make extra sure they were covering themselves.Why? The FCA says: "Large transactions are not necessarily problematic but if firms do not undertake adequate EDD [enhanced due diligence] and it is later discovered that funds invested were associated with criminal or terrorist activity, the harm that could be caused to the integrity of the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> financial system and to society could be, commensurately, very significant."The fact that the identities of those involved were so obscured also posed challenges. The FCA says there's "nothing inherently wrong" with such discretion, but it makes conducting due diligence on the deal and monitoring the structure after that much more difficult.And Barclays itself classified the clients as "Sensitive PEPs" - high-risk politically exposed persons. This internal classification means the person carries a "greater level of risk or exposure to bribery or corruption because, for example, they reside or are located in certain high-risk countries, occupy particular senior ranking roles or whose occupation involves an industry that is especially susceptible to bribery or corruption," according to the FCA.<h2>'Obvious red flags'</h2>From the start, there were also numerous "obvious red flags" about the deal, according to the FCA.Once again, it's important to stress that the clients themselves are not accused on any wrongdoing. But they were cagey about providing information. Barclays "experienced difficulties obtaining adequate documents, details and explanations it required" to find out where the money came from and where it was going.Rather than setting off alarm bells, it made Barclays worry that its nagging would drive the client into the arms of a rival. The bank became "reluctant to obtain information due to perceived sensitivities."The FCA says:Barclays went to significant lengths to accommodate the Clients to ensure that it won their business. Barclays' approach was to request information only if it was absolutely necessary and did not want to "irritate" the Clients with multiple requests for due diligence information.In other words, it was willing to bend the rules to hang on to the "deal of the century."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5656e543dd0895cf678b464c-3148-2361/rtr3mg47.jpg" alt="Members of honour guards hold red flags during a welcoming ceremony for Denmark's Queen Margrethe II outside the Great Hall of the People in Beijing April 24, 2014." data-mce-source="REUTERS/Jason Lee" data-mce-caption="Barclays 'ignored obvious red flags.'" data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZJZIA1S7&amp;SMLS=1&amp;RW=1440&amp;RH=718#/SearchResult&amp;VBID=2C0BXZJZIA1S7&amp;SMLS=1&amp;RW=1440&amp;RH=718&amp;POPUPPN=53&amp;POPUPIID=2C0408T8K0BH8" /><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZJZIA1S7&amp;SMLS=1&amp;RW=1440&amp;RH=718#/SearchResult&amp;VBID=2C0BXZJZIA1S7&amp;SMLS=1&amp;RW=1440&amp;RH=718&amp;POPUPPN=53&amp;POPUPIID=2C0408T8K0BH8">REUTERS/Jason Lee</a>Barclays 'ignored obvious red flags.'</div></div></div>At one point, the clients agreed with Barclays to make a change to the Trust Deed, which related to who ultimately got a pay-out from the transaction and under what circumstances the beneficiary could be changed.The bank asked for a copy of the Trust Deed to make sure the changes had been made, but none was forthcoming. Barclays eventually just "accepted that it was too difficult to obtain a complete copy" - it gave up trying to check who would or could get paid by this mammoth transaction.Then there were requests from the clients that just didn't smell right. The initial structure of the deal was that one of the clients - identified as A - would get a payout from the transaction but wouldn't put any money up for the deal. That seemed strange. When Barclays questioned the setup, the clients simply changed the structure so A would put some money in. Barclays dropped its questions.There were offshore shell companies "set up solely to transfer funds and then closed" and at one point the clients asked Barclays to pay tens of millions of US dollars to a third party. From the FCA: "When Barclays questioned the rationale for that payment, the request for the payment to be made to the third party was withdrawn."Once again, the clients are not accused of any wrongdoing. But these "high risk" activities and "red flags" should have led to enhanced checks and measures from Barclays to ensure everything was above board. In almost all cases it led to a relaxation of the rules.<h2>Pressure to 'race it through' led to 'meaningless' checks</h2>Part of the problem was it was never clear who exactly was responsible for making sure this deal was legally sound. Bankers interviewed by the FCA pointed the finger at five different managers when asked who was responsible for checking the clients met legal requirements. And the people named on records as having OK'd the clients were unaware they apparently had.The FCA says: "There was a lack of centralised coordination within Barclays to ensure that roles and responsibilities were apportioned appropriately and that the right people had the relevant information to make informed and appropriate decisions about these financial crime risks."Barclays also didn't carry out a proper risk assessment on the deal, bypassing "standard processes for reviewing such risks because of the confidentiality obligations." In terms of risk assessment, the bank "applied lower standards for giving such approval than it did for its other business relationships."Senior managers just wanted to get the deal done, rather than risk losing the fat fee, and one senior manager said they had to "race this through" when it came to due diligence.<div class="KonaFilter image-container display-table center"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56573642dd08953e4d8b459a-2298-1724/rtr34l8n.jpg" alt="Barclays bank former Chief Executive Bob Diamond leaves after giving evidence to the Treasury select committee in Westminster, London July 4, 2012. Bob Diamond faced a grilling by British lawmakers on Wednesday, a day after quitting as Barclays' chief executive over an interest rate rigging scandal." data-mce-source="REUTERS" data-mce-caption="The 'deal of the century' happened under Bob Diamond's watch." />REUTERSThe 'deal of the century' happened on Bob Diamond's watch.</div></div></div>No senior managers are identified in the report, but the deal took place during the Bob Diamond era of Barclays.Diamond, who became CEO in January 2011, cut his teeth in the world of US investment banking and tried to steer Barclays more towards that style of banking. His successor, Antony Jenkins, <a href="http://www.bbc.co.uk/news/business-21339245">told MPs that the banks culture at the time was "aggressive" and "self-serving."</a>There is no suggestion of any involvement from Diamond in the deal, but it gives an idea of the atmosphere in the bank at that time. (Diamond was forced out in 2012 amid the Libor scandal and a pay controversy that led Lord Mandelson to dub him "the unacceptable face of Banking.")The FCA says Barclays failed to adequately satisfy what the "the deal of the century" was for, where the clients' wealth came from, and where the specific funds used in the deal came from - across the board anti-money laundering failings. <blockquote class="pullquote float_right">The FCA calls the wealth checks 'wholly inadequate and virtually meaningless'</blockquote>The clients said their wealth came from "landholdings, real estate and business and commercial activities," an explanation the FCA calls "wholly inadequate and virtually meaningless." To back this up, Barclays printed off pages and articles from the internet.One of the measures Barclays satisfied itself would verify where the money was coming from were transfers to the bank that would fund the transaction. The bank and its clients had agreed beforehand that the transfers would come from named bank accounts to verify who was sending the money.But "the names were omitted on the transfers." Instead, Barclays relied on letters that "were too general in nature and insufficient."Barclays also had a duty to keep check on the deal after it had done the initial structuring - remember, it pays out over decades.But given the inadequate checks, the secrecy around the deal, and poor record keeping, "Barclays was never in a position to monitor such risks appropriately on an ongoing basis." Barclays had no adequate way of checking if the clients had been added to sanction or court order lists, for example.If it had been looking, Barclays would have spotted even more red flags. The FCA says: "A number of significantly large payments made in connection with the Transaction passed through Barclays monitoring system without triggering any alerts."<h2>The biggest financial crime failings fine in history</h2>It's not hard to see, then, why the FCA has hit Barclays with the largest ever fine for financial crime failings.While the FCA is not alleging any financial crimes, Barclays failed to properly safeguard them on pretty much every level and the failings reached right up to senior management.The fine takes into account the £53.7 million ($81.1 million) the bank earned from the deal, but the FCA also hiked the fine because of the volume of guidance published specifically highlighting the danger of financial crime associated with politically exposed people, and because of Barclays' dreadful track record. Barclays has been fined a collective £417.8 million ($631.7 million) since 2009 for various failings.<a href="http://www.fca.org.uk/static/documents/final-notices/barclays-bank-nov-2015.pdf">You can read the full FCA report here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/real-estate-investment-james-altucher-buy-rent-2015-11">JAMES ALTUCHER: This is why owning a home is financial suicide</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="0yNjBzeDo1bPwt1rmBJ8yS7MxZE2di07" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '0yNjBzeDo1bPwt1rmBJ8yS7MxZE2di07',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

THE SUPER-ELEPHANT: Inside Barclays' disastrous 'deal of the century' which cost it &#163;72 million

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/545a6ec169beddf0428b4569-658-329/rich-kids-of-beverly-hills-10.png" border="0" alt="Rich Kids of Beverly Hills">E!/"Rich Kids of Beverly Hills"The "Rich Kids of Beverly Hills" cast (from left): Roxy Sowalty, Jonny Drubel, Dorothy Wang, Morgan Stewart, and Brendan Fitzpatrick.</img></div></div></div>"The #RichKids of Beverly Hills" became the E! network's breakout reality show of 2014 and recently wrapped its second season on the air.
Made up of <a href="http://www.businessinsider.com/rich-kids-of-beverly-hills-premiere-meet-the-cast-2014-7" target="_blank">six wealthy best friends</a> from the 90210 zip code, "Rich Kids" was inspired by the popular and outrageous Tumblr <a href="http://richkidsofinstagram.tumblr.com/" target="_blank">"Rich Kids of Instagram</a>," in which offspring of the super rich flaunt their <a href="http://www.businessinsider.com/rich-kids-of-instagram-end-of-summer-2014-2014-8" target="_blank">yachts, diamonds, magnums of champagne</a>, and more.
<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/545a6d076bb3f79a6d8b456f-707-530/dorothy-wang-forbes.png" border="0" alt="Dorothy Wang Forbes">hulu.com/E! Entertainment</img></div></div></div>
It was through this Tumblr that E! producers and casting directors found Dorothy Wang, the 26-year-old "funemployed" heiress to <a href="http://www.forbes.com/pictures/mfd45hjd/roger-wang-4-billion/" target="_blank">her father's $4 billion retail real estate fortune</a>. Dorothy's dad, Roger Wang, founded the Golden Eagle International Group in Nanjing and turned it into one of the country's largest mall chains, with stores in 15 cities, <a href="http://www.forbes.com/profile/roger-wang/" target="_blank">according to Forbes</a>.
"When Rich Kids Of Instagram launched, I was one of the main people they featured on the site," Wang told Business Insider over the phone as she was sitting in L.A. traffic. "I was one of the first people they put on the Tumblr and then they kept putting me on it. So I was approached after producers at the network saw me on the Tumblr page and from there they asked me, 'Would you ever want to do a reality show?' and I responded, 'Honestly, I thought I was living a reality show the last seven years of my life. Thank God cameras are going to be there so I'm not just posing into thin air for myself.'"
<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/545a6ce469beddaf358b456a-611-305/dorothy-wang-private-jet-5.png" border="0" alt="Dorothy Wang private jet" style="line-height: 1.5em;"><a href="http://instagram.com/dorothywang">instagram.com/dorothywang</a>Dorothy Wang boarding a private jet in one of her many "fabuluxe" Instagram posts.</img></div></div></div>
Casting Dorothy - who says she had no idea of her family's wealth "until it was printed in Forbes" despite her <a href="http://www.businessinsider.com/rich-kids-of-beverly-hills-premiere-meet-the-cast-2014-7#shes-a-big-shopper-im-not-really-sure-how-many-birkin-bags-i-have-ive-lost-count-noting-the-entry-level-birkin-is-around-10000-4" target="_blank">collection of $10,000 Hermés Birkin bags</a> so large she "lost count"- was easy, but E! needed a whole cast of people just as outgoing and unabashedly outrageous as the self-described "fabuluxe" University of Southern California graduate.
<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/545a6c7decad04d7058b4567-517-387/rich-kids-of-beverly-hills-8.png" border="0" alt="rich kids of beverly hills" style="color: #000000;"><a href="http://instagram.com/boobsandloubs_">instagram.com/boobsandloubs_</a>"Rich Kids Of Beverly Hills" was initially called "The Morgan and Dorothy Project."</img></div></div></div>"We went through the process of like, 'Who's in your life? Do you have any friends who are really outgoing?'" Dorothy explains of the reality show casting process. "I immediately thought of my friend Morgan Stewart. Morgan and I literally used to have pow-wows together after spin class being like, 'We're meant to be on TV! We know it's going to happen.' And then one day it did. I went in, we brought in other relevant people in our lives... It was called 'The Morgan and Dorothy Project' for the longest time."
In order to round out the cast, Dorothy says, "There wasn't an open call or a casting for the show at all. They wanted Morgan and I to do a show so we brought in our friends and they picked the ones who are on the show now. So, all of these people who are coming out of the woodwork saying they auditioned for the show, I'm like, 'I was there, that's not what happened.'"
<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/545a6f28eab8ea3e598b4572-610-457/rich-kids-of-beverly-hills-11.png" border="0" alt="Rich Kids of Beverly Hills"><a href="http://instagram.com/dorothywang">Instagram.com/Dorothy Wang</a>The cast of "Rich Kids of Beverly Hills" are friends in real life, too.</img></div></div></div>The cast is currently made up of six Beverly Hills natives, including <a href="http://www.businessinsider.com/rich-kids-of-beverly-hills-premiere-meet-the-cast-2014-7#magic-johnsons-son-ej-johnson-makes-frequent-cameos-ej-grew-up-in-la-but-is-currently-going-to-school-in-nyc-he-first-met-dorothy-during-a-tae-bo-class-26" target="_blank">Magic Johnson's flamboyant son</a>, a self-described <a href="http://www.businessinsider.com/rich-kids-of-beverly-hills-premiere-meet-the-cast-2014-7#their-friend-roxy-sowlaty-is-also-from-beverly-hills-17" target="_blank">"Persian Princess" interior designer</a>, a successful <a href="http://www.businessinsider.com/rich-kids-of-beverly-hills-premiere-meet-the-cast-2014-7#now-25-the-real-estate-broker-sold-his-first-house-at-age-19-for-15-million-hes-now-making-in-the-millions-23" target="_blank">young real estate agent</a>, and a <a href="http://www.businessinsider.com/rich-kids-of-beverly-hills-premiere-meet-the-cast-2014-7#the-crews-friend-jonny-drubel-is-a-songwriter-based-in-beverly-hills-24" target="_blank">songwriter</a>.
As with any reality show, the cast has conflicts with each other, but it's clear these friendships are real and have history that goes back further than when the cameras started rolling last year. The on-air conflicts haven't been enough to tear the group apart just yet.
"I think we've all gotten a lot closer because it's such a unique experience that has really taken over our lives and is our lives at the same time," explains Dorothy. "I have a lot of friends outside of the show, but sometimes I don't want to put them through an hour of me talking about the show so I just hang out with Morgan and Roxy so we can talk about what's going on."
While Dorothy was on board to showcase her life for the public, adjusting to people's hateful comments online has taken some getting used to. 
"I spent the first two weeks before and after the first episode aired basically crying and having anxiety attacks because it was so new to me," Dorothy admits. "But once the show progressed, we really saw a shift. People were like, 'Wait, we actually don't hate you, we like you. You're not annoying anymore.'"
Before the show aired, Dorothy had 26,000 <a href="http://instagram.com/dorothywang" target="_blank">followers on Instagram</a>. Today she has 561,000 followers and counting, as well as a new outlook on her haters.
"Now when I do read the comments, I laugh at them," she says. "It's crazy stuff like a person wanting to stab me in a back alley with a turkey leg. Sometimes they say the funniest things, we literally just read them out loud to each other. It's funny to us now. I think we've all developed a much thicker skin."
So what does Dorothy's influential dad think about his daughter's newfound reality show fame?
"I literally waited until we had to sign our contracts to tell my family ... but when I told my dad he was the most supportive. He said, 'I would never do it, but for someone like you, I think it's something you will enjoy and be good at, and it's something you can do a lot of things with. You have an interesting story to tell. Yes, you're a rich kid, but you are also so much more and this would allow you to show that to the world.'"

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